Kate Simpson

We think a good partnership is one that works in both directions where we can learn from each other and hopefully make each other better at our job.

At GEM, I feel like we take that a step beyond just kind of common mood sharing and offering introductions.

As an OCIO, it's really in our DNA to be a hands-on partner.

And our firm is set up and resourced really well to deliver that kind of value to our

So I think a lot of LPs are hungry for...

they're building their own pipeline, right?

Like if venture is a discovery game, but also an access game, I think they can use partners like Gem to build a future pipeline that they may want to invest in directly over time.

So we are, I think, positioned to offer insights along the way, offer introductions along the way.

But, you know, we have teams chats set up with some of our investors so that they can ask us questions real time.

That's just one small example of how I think we approach that research partnership.

And I think we can do that because we have a large team that is sort of client facing and savvy, so to speak, relative to a smaller number of investors.

So I think we can operate at that sort of close partnership level, perhaps in ways that other firms cannot do.

But to get back to your question about being a value-added LP to our DPs, it is hard.

Our capital is just as green as others.

And I think at GEM, maybe our capital is more flexible than others, meaning we are investing at a scale that is...

both meaningful to our GPs, but still allows us to be nimble, to flex up and flex down without kind of throwing off our portfolio construction.

I mentioned earlier, we have a long track record of investing in newer emerging GPs.

So I do think there's guidance and advice that we can offer to that cohort of venture investors.

And, you know, other things that I guess you can say are table stakes, but I wouldn't under underestimate them.

Right.